Gold price analysis: After being beaten by the Fed, gold may ready to fight back the game at $1.800/oz
|The yellow metal is above $1,820. These days we have already faced a terrible financial crisis that has a significant impact all over the world. The stocks markets, the commodities and the cryptocurrencies all fell down. The bond yield creates a bullish trend, especially the 1Y, 3Y and 10Y.
The DXY (made to measure the strength of USD with other currencies) soared to 104 points, which is the highest level over 19 years. The reason is because the FED has taken significant action on shutting the "lowest rate" time down and cut the government's budget for the next 6 months. Moreover, the CPI m/m was released this week is 0.3% m/m, over 8.4% y/y, which makes a negative repsponds to the financial boys in the Wall Streets.
Next week, there will be news about the US core retail sale m/m and the speech of the FED chairman - Jerome Powell. We should keep an eye on the next move of this powerful man.
Moving Average analysis
On the daily chart, the MA20 is heading to the MA200, so does the MA50. The bulls is weak and the gold is creating a significant regression.
On the 4-hour chart, the MA20 slumped below the MA50, both the MA20/MA50 are below the MA200, showing the significant bearish trend.
On the 1-hour chart, there is the same chart as the 4-hour, the bears totally control this chart.
MACD analysis
On the daily chart, the MACD(8,21,5) is about -28.9, showing an overbought signal, but this is not the end of this bearish wave.
MFI analysis
On the daily chart, the MFI(7) reached the 33.9 point, which makes a divergence with the gold.
Fibonacci
On the daily chart, after breaking the 61.8 point, gold is heading to the 78.6 point, which is around $1,800/oz. This is a steady point for the bulls to fight over this game.
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